Gap March same-store sales drop 18 pct

Retailer Gap Inc. said Thursday its same-store sales fell 18 percent in March, far lower than Wall Street analysts expected.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

Analysts polled by Thomson Financial predicted same-store sales would fall 7.7 percent for the month.

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The retailer said same-store sales fell 14 percent at Gap stores, 8 percent at Banana Republic, and 27 percent at Old Navy, all missing analysts' targets.

In the company's international division, Gap said its same-store sales dipped 3 percent, beating analysts' expectations of a 3.3 percent decline.

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Overall, the company said its total sales for the five-week period ended April 5 fell 12 percent to $1.37 billion from $1.55 billion in the prior year period.

Gap called the month's traffic and sales "disappointing" but reiterated its 2008 earnings per share guidance of $1.20 to $1.27. Analysts, on average, anticipate earnings of $1.26 per share, according to Thomson Financial.

Gap shares fell 77 cents, or 4.1 percent, to $18.12 in electronic pre-market trading. The shares closed at $18.89 Wednesday.